Daily Market Report
Technical Analysis Daily Majors & Minors
GBP/USD picked up momentum and managed to break above the 1.6610 resistance area, climbing to a high of 1.6643 before finding resistance. Question is will it bounce off the resistance for a bearish trend?
EUR/USD has maintained its downward trajectory after a bullish reversal pattern
failed to find confirmation on the daily. This leaves the spotlight cast on the
September lows at 1.3100. But will we finally see gains in the EUR/USD?
Quick Daily update
• Activity in the UK's manufacturing sector grew at its slowest pace for 14 months in August, a survey finds, while a separate study also suggests a slowdown.
• The amount of new money being borrowed by consumers soared to more than £1bn in July, according to the Bank of England.
• Five economists forecast the ECB will cut the refinancing rate by 10 basis points, or 0.10 percentage point, to 0.05 percent at its Sept. 4 meeting in Frankfurt, while the remaining 50 predict no change.
• Premier League clubs have been on a player buying spree, with spending at £835m, as the end of the transfer window passes.
• The number of people struggling with payday loans has risen by 42% in the past year, according to the debt charity StepChange.
Daily News To Watch
Tuesday, 2nd September 2014 Previous Forecast Actual
09:30am GBP Construction PMI 62.4 61.5
15:00pm USD ISM Manufacturing PMI 57.1 57.0
By Nikhil Pankhania
Senior Market Analyst & Trader